Mumbai: The joint venture between Mukesh Ambani-owned Jio Financial Services and BlackRock, the worlds largest asset manager, for starting a mutual fund business in India has received the Securities and Exchange Board of Indias in-principle approval, according to an exchange filing on Friday.

The capital markets regulator gave the nod on October 3, said Jio Financial in a release.

"The final approval for registration will be granted by Sebi subject to fulfilment by the company and BlackRock of the requirements set out in the said (Sebi) letter," said Jio Financial.

In July 2023, Jio and BlackRock had announced an agreement to create Jio BlackRock, a 50:50 JV, marking the US-based asset mangers re-entry into the Indian market after it exited in 2018. BlackRock manages assets worth $10.5 trillion globally.